Dario Amodei

Anthropic Files to Go Public

Anthropic files its S-1 with the SEC, the first full look at the books of a frontier lab. It asks to list Class A shares on the Nasdaq Global Select Market as ANT, with Goldman Sachs and Morgan Stanley at the head of twenty-two banks; the price range and share count are still blank. Revenue went from $41 million in 2023 to $386 million in 2024 and $4.6 billion in 2025, then $16.3 billion in the first half of 2026 alone, against $8.9 billion spent on compute and infrastructure in the same six months. The operating loss for that half shrank to $693 million. The $80.7 billion net loss beside it is almost all paper: $72.4 billion is the rising fair value of convertible notes, Amazon's among them, marked up as Anthropic's own valuation climbed. The governance is the stranger part. The Long-Term Benefit Trust, five financially disinterested trustee seats with one vacant, elects a majority of the board through Class T stock that carries no economic rights. A single Class F share, held by an LLC of the seven co-founders, casts 50.1% of the vote on everything else. Employees receive Class E stock that votes on a few matters, and strategic partners hold non-voting Class N. Public buyers get the economics of a company they cannot steer, and the filing says so in its risk factors. Anthropic also placed 5% of its fully diluted shares in a Public Benefit Fund it owns, with up to 2% more each time the share price rises 50% above its last milestone, and each co-founder pledges 80% of their equity to philanthropy. The risk factors carry the year's history: the $1.5 billion Bartz copyright settlement; the Department of War's supply-chain-risk designation, struck down in district court on August 27 and upheld under Section 4713 by a split D.C. Circuit panel on September 25, now awaiting a rehearing petition; and the Commerce Department's June export restrictions on Fable 5 and Mythos 5.

We Must Pace the Frontier

Eleven days after his own alignment team published a deliberate reproduction of the OpenAI–Hugging Face incident, Anthropic's CEO argues that the rate of capability advancement itself must now be slowed. Two things changed his mind. AI has been “advancing drastically faster” since roughly this summer, driven by recursive self-improvement, which he says “is starting to happen across the industry, including at Anthropic.” And the OpenAI incident, which he refuses to file as one company's failure: “similar, though less severe, incidents have happened across the industry, including at Anthropic,” caused in part by something unglamorous — “imperfect filtering of broken reinforcement learning environments,” an execution failure rather than a missing theory. His reading of what nearly happened is a forecast, not a finding: a swarm with similar misalignment but greater capability could, within 6–12 months, hold the internet with a persistent botnet and cost hundreds of billions. The proposal is three steps of rising difficulty. Anthropic unilaterally commits to the first: embedded third-party evaluators — desks, badges, company laptops, permissions comparable to internal risk teams, and the right to publish findings Anthropic may redact only for security, legal, commercial, or third-party reasons, never for being unfavourable, with reviewers free to say publicly when a redaction mattered. The second, coordination among democratic labs on capability checkpoints, needs legislation or an antitrust waiver. The third, agreement with China, he grades across four levels — from a bioweapons ban (“probably possible”) to a full pause (“unlikely to actually happen any time soon”). Two things sit together uneasily. Pacing is explicitly not halting: “progress will still seem fast.” And it is conditioned on democracies holding their lead — the chip-export and distillation asks he made in July, plus security against weight theft, are here the precondition for slowing down at all.

Anthropic Designated a Supply Chain Risk

The Trump administration designates Anthropic a 'supply chain risk to national security' — a label previously reserved for foreign adversaries like Huawei — after the company refuses to remove two guardrails from its $200M Pentagon contract: no mass surveillance of Americans, and no fully autonomous weapons. Defense Secretary Hegseth issues the designation hours after a Friday 5:01 PM deadline passes without agreement. Trump orders all federal agencies to cease using Anthropic technology. In an exclusive CBS interview that evening, CEO Dario Amodei calls the action 'retaliatory and punitive,' vows to challenge it in court, and declares: 'We're gonna be fine.' Sam Altman and workers across OpenAI and Google voice support for Anthropic's position. The crisis marks the most consequential clash between an AI company and the U.S. government over the boundaries of military AI use.

"We have these two red lines. We've had them from day one. We are still advocating for those red lines. We're not going to move on those red lines."

The Adolescence of Technology

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